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KBRA Downgrades Four Ratings and Affirms All Other Ratings for JPMDB 2016-C4

3 Oct 2025   |   New York

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KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for JPMDB 2016-C4, a $899.0 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since KBRA's last ratings change in October 2024 and the resulting loss adjusted C/E levels.

As of the September 2025 remittance period, there are three specially serviced assets (9.0% of the pool balance), two of which (4.9%) are in foreclosure. KBRA identified 11 K-LOCs (39.0%), including the specially serviced assets. Of the K-LOCs, eight (29.5%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 7 Nashville Technology Office Campus OF $48,401 5.4% N C N Maturity 08/07/2025 $9,599 19.8% 6 PNC Center OF $47,510 5.3% N C N Maturity 08/07/2025 - - 8 60 Madison Avenue OF $45,000 5.0% N C N Occupancy 03/07/2025 $8,312 18.5% 13 1 Kaiser Plaza OF $37,100 4.1% Y C N Specially Serviced 12/04/2024 $4,280 11.5% 12 Westin Memphis LO $33,488 3.7% N C Y DSCR 02/06/2025 $3,188 9.5% 15 Riverside Center OF $29,270 3.3% N C N Occupancy 09/25/2023 $5,423 18.5% 17 100 Oceangate OF $27,731 3.1% N C N DSCR 09/25/2023 $4,425 16.0% 22 Westfield San Francisco Centre MU $23,529 2.6% Y 90+ N Specially Serviced 01/24/2022 $22,882 97.2% 19 Shops at Avenue North RT $22,994 2.6% N C Y DSCR 05/07/2020 - - 21 Riverwood Corporate Center I & III OF $20,251 2.3% Y 90+ N Specially Serviced 05/09/2018 $14,382 71.0% 24 Beacon South Beach LO $15,647 1.7% N C Y DSCR 01/06/2020 - - Total K-LOCs $350,921 39.0% $72,492 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 86.1%, compared to 96.7% at KBRA's last ratings change and 95.9% at securitization. The WA KDSC is 2.08x, compared to 2.02x at KBRA's last ratings change and 2.10x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class D to B- (sf) from BB- (sf)
  • Class E to CC (sf) from CCC (sf)
  • Class F to C (sf) from CC (sf)
  • Class X-C to B- (sf) from BB- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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